XYO Network: Blockchain is changing how location data is verified

Meet XYO Network the first decentralized cryptographic-location network built for the world of tomorrow

For obvious reasons, many experts believe that the blockchain will be a key element in the future of the technology industry.

It allows for information to be shared and verified in a way that was never seen before its inception back in 2009. Transparency and accuracy is at the core of everything blockchain stands for, thus XYO Network is making waves among the industry as a blockchain platform which determines and verifies location data. The key components of the chain are encouraged via its token, the XYO.

XYO Network

Location data has become more and more important in recent times, as all industries become more reliant on the internet of things. The importance of this data being accurate is only going to rise too, with drones, internet shipping and automated-vehicles needing it for their day-to-day functionality.

Trusting this data is essential, but thus far there has been no perfect solution to ensuring that you can. XYO are changing that with a layered location confirmation service, which will work with different smart contract protocols and device classes.

XYO is co-founded by Arie Trouw, Markus Levin and Scott Scheper with advisory roles filled by Tom Kysar who leads operations at Augur and Raul Jordan leading the Ethereum Geth Sharding effort alongside Azam Shaghaghi and David Kim both blockchains experts.

The Network

This works with four key blockchain elements – each element is a key component to XYO and their ecosystem.

Sentinels – These compile location speculations and bonds Proof of Origin to the nodes above them.

Bridges – Gather data from the sentinels. Then attaches this data to their string, which in turn becomes available to Archivists.

Archivists – Stores catalogs from bridges.

Diviners – Collate info and verifies the location.

XY, the company behind XYO, has built one of the largest networks of Bluetooth and GPS beacons in the world.

XTO Token ICO

Those above elements are encouraged using an Ethereum-based token, entitled the XYO token.

Presale – 100 billion tokens with a hard cap of $15 million.

How does it work?

In layman’s terms the XYO network makes it possible for smart contracts to access data in the real world to determine where a specific object is.

For example a clothing company could let their customers pay on delivery to ensure the product reaches the customer safely, this would be accurately tracked by the XYO Network which would be able to track when it reaches them by utilising the largest networks of Bluetooth and GPS beacons they firm has been developing in recent years. This would all be locked into a smart contract on the blockchain preventing fraud for both parties.

This is a wide scale problem in the delivery industry with packages becoming lost in transit or stolen from customer properties.

This is just scratching the surface of what the technology aims to revolutionise, you can find out more on their website here: https://xyo.network/